Currency Reserves Posts -- BloggingStocks

currency reserves posts

Why is gold trading at record levels? Look to India for the answer

Posted Nov 3rd 2009 6:00PM by Connie Madon (RSS feed)
Filed under: Major movement, International markets, Deals, Market matters, Money and Finance Today, Commodities

Here's a shocker: India's central bank just bought 200 tons of gold.

India paid $6.7 billion to the International Monetary Fund for the gold, securing the equivalent of 8% of the world's annual production. India's move is a clear signal that Asia is moving away from the U.S. dollar.

India's finance minister said the reason for the purchase was that the economies of Europe and the US had "collapsed."

Continue reading Why is gold trading at record levels? Look to India for the answer

Dollar's share of currency reserves falls in Q3, IMF says

Posted Dec 28th 2007 5:04PM by Joseph Lazzaro (RSS feed)
Filed under: International markets, Other issues, Economic data, Federal Reserve

The dollar's share of global foreign currency reserves dropped to a record low in the third quarter (Q3), Bloomberg News reported Friday, citing International Monetary Fund data.

The dollar comprised 63.8% of reserves at the end of September 2007, down from 65% at the end of June 2007, the IMF said. Meanwhile, the euro's slice of the reserve pie increased during the same period to 26.4% from 25.5%. The British pound's portion rose to 4.7% from 4.6%.

Dollar doldrums

Analyst C. Leonard Bauer, formerly of Prudential, said a constellation of factors is prompting governments to reduce dollar-based foreign exchange reserves, chief of which is the dollar's decline versus the euro, pound, and other major currencies.

Continue reading Dollar's share of currency reserves falls in Q3, IMF says

As OPEC talks currency, traders focus on supply

Posted Nov 19th 2007 12:50PM by Joseph Lazzaro (RSS feed)
Filed under: International markets, Other issues, Exxon Mobil (XOM), Russia, Middle East, Venezuela, Chevron Corp (CVX), ConocoPhillips (COP), BP p.l.c. ADS (BP), Mexico, Canada, Commodities, Oil

While some OPEC oil ministers who attended this weekend's Riyadh summit continued to express support for shifting a portion of their cash reserves to the euro and away from the dollar, oil market traders and analysts focused on OPEC's failure to boost oil production. This helped move oil prices higher in mid-day trading Monday.

Oil, which traded around $94.50, is priced in dollars, hence when the dollar falls, the purchasing power of nations with petro dollars declines. Some OPEC members, including Iran and Venezuela, voiced strong support for converting cash reserves to a currency other than the dollar. Iranian President Mahmoud Ahmadinejad called the dollar a "worthless piece of paper," the Associated Press reported.

Continue reading As OPEC talks currency, traders focus on supply

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BloggingStocks bloggers (30 days)

#	Blogger	Posts
1	Joseph Lazzaro	118
2	Tom Johansmeyer	102
3	Steven Mallas	53
4	Connie Madon	50
5	Tom Taulli	48
6	Mark Fightmaster	39
7	Steven Halpern	36
8	Trey Thoelcke	34
9	Paul Foster	25
10	Brian White	24
11	Brent Archer	23
12	Zac Bissonnette	22
13	Melly Alazraki	22
14	Jim Cramer	22
15	Jon Ogg	22
16	Eric Buscemi	18
17	Michael Fowlkes	14
18	Michael Shulman	13
19	Elizabeth Harrow	12
20	Sheldon Liber	10

Indexes	Change	Price
DJIA	-113.44	10,177.82
NASDAQ	-20.61	2,146.29
S&P 500	-13.33	1,085.18

Last updated: November 12, 2009: 03:49 PM

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Why is gold trading at record levels? Look to India for the answer

Dollar's share of currency reserves falls in Q3, IMF says